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Ferrexpo further delays publication of full-year results while it awaits further progress in independent investigation

The firm, which had promised to report full-year results on or before April 3, said it could not guarantee that the review would be complete before their release now on or before April 25

Financial results
The Independent Review Committee is looking into donations made by Ferrexpo to the Blooming Land Charity

Ferrexpo PLC (LON:FXPO) has again delayed the publication of its full-year results, which it now expects on or before April 25, while it awaits further progress in an independent investigation on possible misuse of charitable donations.

In a brief statement, the FTSE 250-listed iron ore pellet producer, which earlier promised to report full-year results until April 3, said the investigation was making progress but that it could not guarantee that the review would be complete before their release.

READ: Questions swirl around Ferrexpo’s charitable donations, as final results put on hold, and auditors circle

The group pointed out that the Independent Review Committee (IRC) is looking into donations made by Ferrexpo to the Blooming Land Charity and said it can report that it has made progress in receiving explanations regarding the differences contained on the bank statements.

Ferrexpo added that the IRC has also received third-party evidence - including governmental confirmations - to explain some of the possible discrepancies in the application of funds by Blooming Land as per its announcement of 19 March 2019. 

It said the IRC is undertaking further work to corroborate the above explanations and evidence.

The group added; “At the current time, the Board cannot guarantee that the review will be complete by the publication of its full-year results, or will complete favourably.”

Quick facts: Ferrexpo PLC

Price: 145.2 GBX

LSE:FXPO
Market: LSE
Market Cap: £8.55 m
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